If you’re considering buying property in Costa Rica, here’s a step-by-step guide to the process:
- Option to Purchase Agreement: Once you’ve selected a property, the seller removes it from the market by signing an option agreement and receiving an initial deposit.
- Escrow Services: We recommend using an escrow company to hold your deposit securely. Escrow acts as a neutral third party in the transaction.
- Compliance Period: Include at least 7 business days between signing the contract and wiring the funds, as the escrow provider must complete source-of-funds checks.
- Due Diligence: Hire an attorney to conduct legal and technical due diligence. Requirements vary depending on the property’s location and zoning regulations.
- Closing Preparation: Once the due diligence is approved, the balance and closing costs are sent to escrow, and the purchase deed is prepared and reviewed.
- Closing Day: All parties sign the deed, payments are released, and the buyer takes possession. The notary then files the deed for registration and submits the required municipal declaration.
Have questions? We’re here to guide you every step of the way.
